BOA told me I was approved for UW. and I have no idea what to expect. But I do have a general question.
I keep reading here about these HUGE balloon payments at the end of the loan one modified.
Was wondering how they calculate that. I am and have always remained 60-80 days late and was wondering if these large amounts at the end of these mods are due to some folks who are like 25 month late or if they calculate it by the iterest they would lose by modifying the loan.
Even thought I don't have high hopes regarding getting the mod, would just like to know what to expect.